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Does Your Insurance Coverage Meet Your Current Business Needs?

September/October 2009
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Article Link: https://www.childcareexchange.com/article/does-your-insurance-coverage-meet-your-current-business-needs/5018986/

Exchange invited ECE professionals from the field to provide us with insurance coverage questions that are of concern to them in today's child care business environment. We took these questions to three insurance professionals: Greg Thompson, CPCU, ARM, Thomco; Gary Klein, AVP Underwriting, NSI-West Bend Insurance Company; Thomas K. Smith, Managing Director and Carolyn Tormey, Director of Underwriting and Production, Markel Insurance Company who helped us develop this article by answering the following 10 key questions:

1. Besides liability coverage, what other coverage is critical to my child care business.

Thomco: You need sexual abuse protection in case your staff is accused of inappropriate sexual contact with the kids. Even if absolutely nothing has happened, it can be expensive to defend your center against a lawsuit from an angry and determined parent. Some insurance companies will say that they provide this coverage by 'being silent' on the sexual abuse issue, i.e., not having an exclusion for it.

Unfortunately, insurance companies have in the past successfully denied sexual abuse claims even when there was not an exclusion for it on their policy. Therefore, insist on specific policy wording that provides sexual abuse protection.

Also, make sure your policy provides corporal punishment protection in ...

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